Key Takeaways
Litecoin (
$64.88 ) has taken a 13.6% nosedive in the last 36 hours.
Despite the significant losses, LTC looks bullish from an on-chain perspective.
Prices could target $290 as long the $200 support level holds.
Share this article
Volatility has taken over the cryptocurrency market, generating over $8 million in liquidations worth of Litecoin ( $64.88 ) positions across the board over the last 24 hours. Regardless, on-chain metrics show that LTC is well-positioned for higher highs.
Network Activity Goes Through the Roof
Litecoin ( $64.88 ) has plummeted 13.6% in the last 36 hours, but it looks undervalued from an on-chain perspective.
The recent dip has caused over $8 million worth of liquidations. However, the network activity suggests that new money is pouring into the digital asset, which is a sign of optimism.
Addresses on the Litecoin ( $64.88 ) network with 10,000 to 100,000 tokens have increased their positions over the last month. These large investors have added more than 720,000 LTC to their holdings, worth roughly $160 million.
Source: Santiment
The mounting buying pressure coming from whales coincides with a significant increase in the number of users on the network. The number of new addresses has risen by more than 79.5% since Aug. 7, with roughly 200,000 new addresses on the network at press time.
Source: Glassnode
Network growth is often considered one of the most accurate price predictors. Generally, a steady increase in the number of new addresses created on a given blockchain leads to rising prices over time.
Litecoin ( $64.88 ) Has One Barrier to Overcome
Further buying pressure could push LTC to higher highs.
Still, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that Litecoin ( $64.88 ) has an obstacle to overcome before achieving its upside potential. Approximately 41,000 addresses have previously purchased 7.07 million LTC at an average price of $217.21.
This area may have the ability to absorb some of the recent buying pressure. Holders who have been underwater may try to break even on their positions, slowing down the uptrend. But if Litecoin ( $64.88 ) can slice through this hurdle, it could climb to $290.
Source: IntoTheBlock
On the other hand, the IOMAP cohorts show that Litecoin ( $64.88 ) sits on top of stable support. Nearly 93,000 addresses bought around 4.63 million LTC between $195 and $202. This crucial area of interest suggests that bears could struggle to push prices down. In other words, the odds favor the bulls.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Litecoin ( $64.88 ) ’s MW Privacy Feature Is Now Code Complete
Litecoin ( $64.88 ) ’s upcoming Mimblewimble Extension Blocks (MWEB) feature is now code complete, according to developer David Burkett. The Cryptocurrency Burkett submitted the code review to GitHub on Mar. 15. He noted…
Google Finance Adds Bitcoin (
$60,646.00 ) , Ethereum (
$2,406.69 ) , Litecoin ( $64.88 ) , and Bitcoin ( $60,646.00 ) Cash
Google Finance has now added a crypto market tab to its business tool. Google Finance Recognizes Crypto The search engine has added a fifth “Crypto” tab on Google Finance—along with…
Dogecoin (
$0.108 ) Transaction Fees Surpass Litecoin ( $64.88 ) and Bitcoin ( $60,646.00 ) Cash
Dogecoin ( $0.108 ) mining rewards along with transaction volumes are now comparable with those found in Litecoin ( $64.88 ) and Bitcoin ( $60,646.00 ) Cash. Dogecoin ( $0.108 ) vs. Litecoin ( $64.88 ) and Bitcoin ( $60,646.00 ) Cash Dogecoin ( $0.108 ) has quickly attained the 13th…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…
